Up to date Manufacturing Goal Improves Economics at Tiris Uranium Challenge

Present Nichols Ranch Challenge Mineral Useful resource Estimate – Efficient December 31, 2021

_Notes:

• _{SEC S-Ok 1300 definitions had been adopted for all Mineral Useful resource classes. These definitions are additionally according to CIM (2014) definitions in NI 43-101.}
• _{Measured Mineral Useful resource contains discount for manufacturing by December 31, 2021.}
• _{Mineral Sources are 100% attributable to EFR for Nichols Ranch, Hank, and North Rolling Pin, and are in situ. Mineral Useful resource estimates are primarily based on a GT cut-off of 0.20 %-ft.}
• _{Mineral Sources are 81% attributable to EFR and 19% attributable to United Nuclear Corp in elements of Jane Dough, and are in situ.}
• _{Mineral Useful resource estimates are primarily based on a GT cut-off of 0.20 %-ft}
• _{The cut-off grade is calculated utilizing a metallic worth of $65/lb U3O8, working prices of $19.28/lb U3O8, and 60.4% restoration (primarily based on 71% course of restoration and 85% underneath wellfield)}
• _{Mineral Sources are primarily based on a tonnage issue of 15.0 ft3/ton (Bulk density 0.0667 ton/ft3 or 2.13 t/m3).}
• _{Mineral Sources that aren’t Mineral Reserves wouldn’t have demonstrated financial viability.}
• _{Numbers might not add as a consequence of rounding}

All grades reported on this press launch are “equal” eU₃O₈ grades as they had been calculated from calibrated downhole gamma logging of the drill holes. The downhole probe was calibrated on the U.S. Division of Power check pits situated in Casper, Wyoming by Power Fuels workers and verified on website by Century Geophysical Company. All drill holes reported are vertical and had been verified as vertical utilizing downhole deviation logging. All thicknesses reported are true thicknesses.

Certified Particular person Assertion
The scientific and technical data disclosed on this information launch was reviewed and accepted by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Companies for the Firm, who’s a “Certified Particular person” as outlined in S-Ok 1300 and Nationwide Instrument 43-101.

About Power Fuels

Power Fuels is a number one US-based crucial minerals firm. The Firm, as a number one producer of uranium in the USA, mines uranium and produces pure uranium concentrates which can be offered to main nuclear utilities for the manufacturing of carbon-free nuclear vitality. Power Fuels just lately started manufacturing of superior uncommon earth aspect (“REE“) supplies, together with blended REE carbonate in 2021, and commenced manufacturing of business portions of separated REEs in 2024. Power Fuels additionally produces vanadium from sure of its tasks, as market situations warrant, and is evaluating the restoration of radionuclides wanted for rising most cancers remedies. Its company places of work are in Lakewood, Colorado, close to Denver, and considerably all its belongings and staff are in the USA. Power Fuels holds two of America’s key uranium manufacturing facilities: the White Mesa Mill in Utah and the Nichols Ranch in-situ restoration (“ISR“) Challenge in Wyoming. The White Mesa Mill is the one standard uranium mill working within the US as we speak, has a licensed capability of over 8 million kilos of U₃O₈ per 12 months, and has the power to provide vanadium when market situations warrant, in addition to REE merchandise, from numerous uranium-bearing ores. The Nichols Ranch ISR Challenge is on standby and has a licensed capability of two million kilos of U₃O₈ per 12 months. The Firm just lately acquired the Bahia Challenge in Brazil and entered right into a three way partnership settlement to develop the Donald Challenge in Australia, every of which is believed to have important portions of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. Along with the above manufacturing amenities, Power Fuels additionally has one of many largest NI 43-101 compliant uranium useful resource portfolios within the US and several other uranium and uranium/vanadium mining tasks on standby and in numerous levels of allowing and growth. The first buying and selling marketplace for Power Fuels’ widespread shares is the NYSE American underneath the buying and selling image “UUUU,” and the Firm’s widespread shares are additionally listed on the Toronto Inventory Alternate underneath the buying and selling image “EFR.” Power Fuels’ web site is www.energyfuels.com.

Cautionary Word Relating to Ahead-Trying Statements

This information launch comprises sure “Ahead Trying Info” and “Ahead Trying Statements” throughout the which means of relevant United States and Canadian securities laws, which can embrace, however will not be restricted to, statements with respect to: any expectation that the Firm will keep its place as a number one U.S.-based crucial minerals firm or as a number one producer of uranium within the U.S.; any expectation with respect to timelines to manufacturing; any expectation as to charges or portions of manufacturing; any expectation that the event of the rest of PA2 may very well be able to start manufacturing as early as July 1, 2025, primarily based on market situations; any expectation that the Firm’s progress up to now and/or delineation drilling outcomes up to now places the Firm one step nearer on the trail to assembly its projections, growing its market share of the nuclear gasoline provide chain, and/or probably increasing its uranium sources; any expectation that the Firm anticipates updating the Nichols Ranch Technical Report; any expectation that, following the present delineation drilling marketing campaign, the Firm will drill roughly 152 holes to transform the historic useful resource on the Collins Draw space to a present NI 43-101/S-Ok 1300 mineral useful resource, or that any such mineral useful resource could be added to the mineral useful resource on the Nichols Ranch Challenge; any expectation that the Firm’s analysis of radioisotope restoration on the Mill shall be profitable; and any expectation as to the accuracy of mineral useful resource estimates or that any mineral sources will really be mined. Typically, these forward-looking statements could be recognized by way of forward-looking terminology resembling “plans,” “expects,” “doesn’t anticipate,” “is anticipated,” “is probably going,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “doesn’t anticipate,” or “believes,” or variations of such phrases and phrases, or state that sure actions, occasions or outcomes “might,” “might,” “would,” “would possibly” or “shall be taken,” “happen,” “be achieved” or “have the potential to.” All statements, aside from statements of historic truth, herein are thought of to be forward-looking statements. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from any future outcomes, efficiency or achievements categorical or implied by the forward-looking statements. Elements that might trigger precise outcomes to vary materially from these anticipated in these forward-looking statements embrace dangers related to: commodity costs and worth fluctuations; engineering, building, processing and mining difficulties, upsets and delays; allowing and licensing necessities and delays; adjustments to regulatory necessities; authorized challenges; the provision of feed sources for the Mill; competitors from different producers; public opinion; authorities and political actions; market elements; market costs and demand for uranium; and the opposite elements described underneath the caption “Threat Elements” within the Firm’s most just lately filed Annual Report on Type 10-Ok, which is on the market for evaluation on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Firm’s web site at www.energyfuels.com. Ahead-looking statements contained herein are made as of the date of this information launch, and the Firm disclaims, aside from as required by regulation, any obligation to replace any forward-looking statements whether or not because of new data, outcomes, future occasions, circumstances, or if administration’s estimates or opinions ought to change, or in any other case. There could be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, the reader is cautioned to not place undue reliance on forward-looking statements. The Firm assumes no obligation to replace the knowledge on this communication, besides as in any other case required by regulation.

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